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You are browsing the archive for June 2009.
Bruce Bettigole Joins Law Firm Sutherland Asbill & Brennan in Washington, D.C.
Bruce M. Bettigole has joined law firm Sutherland Asbill & Brennan as a partner in its Washington, D.C., office. The firm announced today that Bettigole has joined its Litigation Practice Group. Bettigole focuses his practice on securities enforcement and regulatory matters, including cases involving allegations of accounting fraud, stock manipulation, and insider trading. Prior to [...]
Jury Finds for SEC, Against Former MFS Exec. in Insider Trading Trial
On Monday, June 22, 2009, a federal jury in Boston returned a verdict against Steven E. Nothern on the SEC’s charges that Nothern engaged in insider trading. Nothern is a former Senior Vice President and manager of seven fixed income mutual funds for Massachusetts Financial Services Company (“MFS”). The SEC alleged that for years, Peter [...]
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8-K Filing of the Year (of the Century?)
Not much to add here except that we have a new leader in the clubhouse for “8-K Filing of the Year.”
The Death of “Bernard”
After the high-profile scandals involving first Ebbers and now Madoff, has the name “Bernard” seen its last birth certificate?
Securities Docket A.M. News Wire for June 24, 2009
Both Sides Claim Satisfaction with Settlement in Huntsman Case; Matrixx discloses SEC informal inquiry into Zicam disclosures; Portfolio manager liable in insider trading charges; Antigua Regulator Fired Over Stanford; Safe Harbor Provision Strikes Again: Humana Dismissed; Advisen Survey Finds Fears of Shareholder Litigation Leading to Larger D&O Policy Limits Outside US; and more.
Safe Harbor Provision Strikes Again: Humana Dismissed
On June 19, 2009, the 10b-5 Daily discussed the dismissal of In re Aetna, Inc. Sec. Litig., 2009 WL 1619636 (E.D. Pa. June 9, 2009), and observed that The PSLRA’s safe harbor for forward-looking statements has a checkered history in the courts, with some judges refusing to apply it as written. It is therefore worth [...]
Advisen Survey Finds Fears of Shareholder Litigation Leading to Larger D&O Policy Limits Outside US
A newly released survey from Advisen Ltd. finds that rising fears of shareholder litigation have led many members of the Association of Insurance and Risk Managers to purchase D&O policies with large liability coverage limits. Business Insurance reports that the Advisen survey of members of the London-based Association of Insurance and Risk Managers showed about [...]
Copy of Letter from Madoff’s Counsel to Court Seeking 12 Year Sentence
Below is the June 22, 2009 letter from Bernard Madoff’s counsel to the court seeking a 12 year sentence (a.k.a. “Creative Writing 101.”) (via Wall Street Folly).
Huntsman Settles Interference Claims for $632 Million Cash, $1.1 Billion in Debt
Huntsman Corporation announced today that it has reached an agreement with Credit Suisse and Deutsche Bank to settle Huntsman’s claims and end the ongoing trial against them in Texas state court for over $1.7 billion. Huntsman alleged that the two banks improperly interfered with its terminated merger agreements with Basell and Hexion Specialty Chemicals, Inc. [...]